| California Require Personal Finance Course for High School Graduation Initiative | |
|---|---|
 | |
| Election date November 5, 2024 | |
| Topic Education | |
| Status Not on the ballot | |
| Type State statute | Origin Citizens |
The California Require Personal Finance Course for High School Graduation Initiative (#23-0022) is not on the ballot in California as an initiated state statute on November 5, 2024.[1][2]
A "yes" vote would havesupportedrequiring a personal finance course to be offered by the 2026-2027 academic year for all public high school students and requiring public school students graduating during the 2029-2030 academic year to complete a one-semester personal finance course.
A "no" vote would haveopposedrequiring a one-semester personal finance course as a requirement to graduate public high school.
Contents
- 1 Overview
- 1.1 What would the initiative have done?
- 1.2 Do other states require personal finance courses to graduate from high school?
- 1.3 Who supported and opposed the initiative?
- 2 Text of measure
- 2.1 Ballot title
- 2.2 Petition summary
- 2.3 Fiscal impact
- 2.4 Full text
- 3 Support
- 3.1 Supporters
- 3.2 Arguments
- 4 Opposition
- 4.1 Arguments
- 5 Campaign finance
- 5.1 Support
- 5.1.1 Donors
- 5.1 Support
- 6 Background
- 6.1 State Minimum High School Graduation Requirements
- 6.2 States that require a personal finance course
- 6.3 Next Gen Personal Finance
- 7 Path to the ballot
- 7.1 The state process
- 7.2 Details about this initiative
- 8 How to cast a vote
- 8.1 Poll times
- 8.2 Registration
- 8.3 Automatic registration
- 8.4 Online registration
- 8.5 Same-day registration
- 8.6 Residency requirements
- 8.7 Verification of citizenship
- 8.8 Verifying your registration
- 8.9 Voter ID requirements
- 9 See also
- 10 External links
- 11 Footnotes
Overview
What would the initiative have done?
- See also: Text of measure
The measure would have required public high school students beginning with students graduating during the 2029-2030 academic year to complete a one-semester personal finance course. The measure would also have required public high schools to offer a personal finance course by the 2026-2027 academic year. The personal finance course would have had to meet the A-G requirements, which are the course requirements for admission to the state’s public universities, or be approved by the local school board.[1]
The topics of the personal finance course could include but would have not been limited to:
- budgeting skills,
- an understanding of the tax system,
- an understanding of retirement accounts and investment alternatives (e.g. 401K programs, Individual Retirement Accounts (IRA), stocks, bonds, mutual funds, and index funds),
- types of credit and predatory lending practices,
- identity theft prevention,
- financing college or other workforce education, and
- features of bank accounts.
The state does not set a curriculum for private schools, so the requirement would have not applied to private schools.
Do other states require personal finance courses to graduate from high school?
- See also: States that require a personal finance course
As of January 2024, seven states—Alabama, Iowa, Mississippi, Missouri, Tennessee, Utah, and Virginia—required a personal finance course to graduate from high school. The Center for Financial Literacy at Champlain College released a report analyzing state requirements for personal finance classes to graduate high school. The report states that another 16 states will require a personal finance course by 2028. To see the list of additional states, click here.[3][4]
Who supported and opposed the initiative?
Californians for Financial Education led the campaign in support of the initiative. The committee has reported over $7.6 million in contributions. The initiative was filed by Christopher Lee Kaufman and Timothy J. Ranzetta, co-founder of Next Gen Personal Finance, an organization with a stated mission to require every high school graduate to take a one-semester personal finance course by 2030. The initiative received endorsem*nts from State Controller Malia Cohen (D), State Treasurer Fiona Ma (D), Superintendent of Public Instruction Tony Thurmond (D), and U.S. Rep. Ro Khanna (D).[5]
California State Treasurer Fiona Ma (D) said, "As California's Treasurer, investing in our youth through initiatives like the California Personal Finance Education Initiative will pay off big for individuals, families, and our state's economy. Teaching financial literacy in high school sets students up for success, giving them an advantage in today's world. Let's empower students and build economic equality, one step at a time."
Ballotpedia has not located a campaign in opposition to the ballot measure. Morgan Polikoff, an associate professor at USC's Rossier School of Education who opposes the initiative, said, "The primary general reason I oppose this initiative is that it sets a terrible precedent. While we might all like financial literacy, it’s not hard to imagine future ballot initiatives that try to change curriculum in ways we might not like. ... Beyond that, legislators, boards and executives in state government are much better positioned to pass rules that make sense in the context of existing education policies."[6]
Text of measure
Ballot title
The ballot title would have been as follows:[7]
| “ | Adds one-semester personal finance course to high school graduation requirements. Initiative statute.[8] | ” |
Petition summary
The summary provided for inclusion on signature petition sheets was as follows:[7]
| “ | Adds one-semester personal finance course to existing graduation requirements for public high school students (including those attending charter schools) beginning with the graduating class in 2030. Requires schools to begin offering the course by the 2026-27 school year. This course would be in addition to currently required one-semester economics course, which may—but is not required to—include personal finance curriculum. Students may fulfill new requirement by completing an existing University of California-approved personal finance course, or a new course approved by a school’s governing body.[8] | ” |
Fiscal impact
The fiscal impact statement was as follows:[7]
| “ | Potential increased costs to schools that could reach in the high tens of millions of dollars annually in the first few years and then likely decline over time. Costs could be related to additional teachers, curriculum development, and instructional materials and would depend on how the measure is implemented.[8] | ” |
Full text
The full text of the initiative can be read below:[1]
Support
Californians for Financial Education led the campaign in support of the initiative.[5]
Supporters
Officials
- U.S. Rep.Ro Khanna (D)
- Pittsburg Unified School District Board of TrusteeDestiny Briscoe
- Los Angeles Community College Board TrusteeNichelle Henderson
- Santa Clara County Board of Education MemberRaeena Lari (Nonpartisan)
- Glendale Community College Board MemberDesiree Portillo Rabinov
- State Center Community College Board TrusteeDestiny Rodriguez (Nonpartisan)
- State ControllerMalia Cohen (D)
- TreasurerFiona Ma (D)
- Superintendent of Public InstructionTony Thurmond (D)
Former Officials
- Former Asm.Jordan Cunningham (R)
Political Parties
Organizations
- California Credit Union League
- National Association of Insurance and Financial Advisors, California
- Next Gen Personal Finance
- The Academy of Financial Education
Arguments
- Superintendent of Public Instruction Tony Thurmond (D): "I strongly support the California Personal Finance Initiative. It is crucial as it addresses the pressing need for financial literacy among our youth, empowering them with essential skills to navigate the complexities of personal finance. It fosters economic empowerment, bridges equity gaps, and I believe it will secure brighter economic futures for all."
- California State Treasurer Fiona Ma (D): "As California's Treasurer, investing in our youth through initiatives like the California Personal Finance Education Initiative will pay off big for individuals, families, and our state's economy. Teaching financial literacy in high school sets students up for success, giving them an advantage in today's world. Let's empower students and build economic equality, one step at a time."
- Californians for Financial Education: "[O]nly 1% of California high school students are required to take a semester class about personal finance, compared to 50% nationally. Now is the time to fix this problem by guaranteeing this course to all students regardless of their zip code or family’s socioeconomic status."
Opposition
Ballotpedia has not located a campaign in opposition to the ballot measure. You can share campaign information or arguments, along with source links for this information, with us at [email protected].
Arguments
- David Tokofsky, former Los Angeles School Board Member: "We already require economics to graduate high school. Now we’re adding pocketbook economics, which is part of the curriculum anyway. It’s a great kind of course for summer school, online and winter session — to entice kids with something different — but putting it in the regular 8 a.m. to 3 p.m. day means biology, English, math or history will suffer."
- Morgan Polikoff, an associate professor at USC's Rossier School of Education: "The primary general reason I oppose this initiative is that it sets a terrible precedent. While we might all like financial literacy, it’s not hard to imagine future ballot initiatives that try to change curriculum in ways we might not like. ... Beyond that, legislators, boards and executives in state government are much better positioned to pass rules that make sense in the context of existing education policies."
Campaign finance
Californians for Financial Education was registered in support of the initiative. It reported over $7.8 million in contributions. Ballotpedia did not identify committees opposing the ballot initiative. If you are aware of any opposition committees, please send an email with a link to [email protected].[9]
.sbtotaltable { width: 50%; } .sbtotaltable th { font-size:1.2em; } .sbtotaltable td { text-align:center; } .sbtotalheader { background-color: black !important; color:white !important; font-size:1.0em; font-weight:bold; } .sbtotaltotal { font-weight:bold; } | Cash Contributions | In-Kind Contributions | Total Contributions | Cash Expenditures | Total Expenditures | |
|---|---|---|---|---|---|
| Support | $213,025.00 | $7,624,377.69 | $7,837,402.69 | $7,229,854.83 | $14,854,232.52 |
| Oppose | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Support
The following table includes contribution and expenditure totals for the committee in support of the measure.[9]
.sbtotaltable { width: 50%; } .sbtotaltable th { font-size:1.2em; } .sbtotaltable td { text-align:center; } .sbtotalheader { background-color: black !important; color:white !important; font-size:1.0em; font-weight:bold; } .sbtotaltotal { font-weight:bold; } | Committees in support of Require Personal Finance Course for High School Graduation Initiative | |||||
|---|---|---|---|---|---|
| Committee | Cash Contributions | In-Kind Contributions | Total Contributions | Cash Expenditures | Total Expenditures |
| Californians for Financial Education | $213,025.00 | $7,624,377.69 | $7,837,402.69 | $7,229,854.83 | $14,854,232.52 |
| Total | $213,025.00 | $7,624,377.69 | $7,837,402.69 | $7,229,854.83 | $14,854,232.52 |
Donors
The following were the top donors who contributed to the support committee.[9]
| Donor | Cash Contributions | In-Kind Contributions | Total Contributions |
|---|---|---|---|
| Timothy Ranzetta | $0.00 | $5,011,380.69 | $5,011,380.69 |
| Bill Gurley | $200,000.00 | $0.00 | $200,000.00 |
| Jennifer Sweeney | $10,000.00 | $0.00 | $10,000.00 |
| Ronny Conway | $500.00 | $0.00 | $500.00 |
| Sabrina Burton | $500.00 | $0.00 | $500.00 |
Background
State Minimum High School Graduation Requirements
As of 2024, California Education Code (EC) Section 51225.3 establishes minimum graduation requirements for high school students in the state. The course requirements included:[10]
- Three year-long courses in English;
- Two year-long courses in mathematics, including one year of Algebra I;
- Two year-long courses in science, including biological and physical sciences;
- Three year-long courses in social studies, including United States history and geography; world history, culture, and geography; one-semester course in American government and civics, and one-semester course in economics;
- One year-long course in visual or performing arts, world language, or career technical education;
- Two courses in physical education, unless the pupil has been exempted; and
- One semester of Ethnic Studies, commencing with pupils graduating in the 2029–30 school year.
States that require a personal finance course
As of January 2024, seven states—Alabama, Iowa, Mississippi, Missouri, Tennessee, Utah, and Virginia—required students to take a personal finance course to graduate. The Center for Financial Literacy at Champlain College released a report analyzing state requirements for personal finance classes to graduate high school. The report states that another 16 states (listed below) will require a personal finance course by 2028.[4]
Next Gen Personal Finance
Next Gen Personal Finance is a 501(c)(3) nonprofit co-founded by Jessica Endlich and Tim Ranzetta, who filed the initiative. Next Gen says its mission is to require every high school graduate to take a one-semester personal finance course by 2030. The organization provides grants to schools and school districts, teacher education, and online personal finance courses.[11]
Path to the ballot
The state process
In California, the number of signatures required for an initiated state statute is equal to 5 percent of the votes cast in the preceding gubernatorial election. Petitions are allowed to circulate for 180 days from the date the attorney general prepares the petition language. Signatures need to be certified at least 131 days before the general election. As the verification process can take multiple months, the secretary of state provides suggested deadlines for ballot initiatives.
The requirements to get initiated state statutes certified for the 2024 ballot:
- Signatures: 546,651 were required.
- Deadline: The deadline for signature verification was 131 days before the general election, which was around June 27, 2024. However, the process of verifying signatures can take multiple months and proponents are recommended to file signatures at least two months before the verification deadline.
Signatures are first filed with local election officials, who determine the total number of signatures submitted. If the total number is equal to at least 100 percent of the required signatures, then local election officials perform a random check of signatures submitted in their counties. If the random sample estimates that more than 110 percent of the required number of signatures are valid, the initiative is eligible for the ballot. If the random sample estimates that between 95 and 110 percent of the required number of signatures are valid, a full check of signatures is done to determine the total number of valid signatures. If less than 95 percent are estimated to be valid, the initiative does not make the ballot.
Details about this initiative
- The initiative was filed on September 5, 2023, by Christopher Lee Kaufman and Timothy J. Ranzetta.[2]
- The initiative was cleared for signature gathering on November 9, 2023.[7]
- On December 13, 2023, the secretary of state reported that proponents had collected 25% of the required number of signatures.[2]
- On March 12, 2024, Californians for Financial Education announced they had submitted nearly 900,000 signatures to county registrars.[12]
- On May 8, the secretary of state announced that the initiative had qualified for the ballot. The raw count projected or found the petition contained 693,676 signatures for a signature validity rate of 77.82%.[13]
- On June 27, 2024, the secretary of state reported that the sponsors of the initiative had withdrawn it. Gov. Gavin Newsom (D) announced on the same day that the state would be adding financial literacy as a requirement to graduate high school.[14]
How to cast a vote
- See also: Voting in California
Click "Show" to learn more about current voter registration rules, identification requirements, and poll times in California.
| How to cast a vote in California | |||||
|---|---|---|---|---|---|
Poll timesAll polls in California are open from 7:00 a.m. to 8:00 p.m. Pacific Time. An individual who is in line at the time polls close must be allowed to vote.[15] Registration
To vote in California, an individual must be a U.S. citizen and California resident. A voter must be at least 18 years of age on Election Day. Pre-registration is available at 16 years of age. Pre-registered voters are automatically registered to vote when they turn 18.[16] Automatic registrationCalifornia automatically registers eligible individuals to vote when they complete a driver's license, identification (ID) card, or change of address transaction through the Department of Motor Vehicles. Learn more by visiting this website. Online registration
California has implemented an online voter registration system. Residents can register to vote by visiting this website. Same-day registrationCalifornia allows same-day voter registration. Californians must be registered to vote at least 15 days before Election Day. If the registration deadline has passed for an upcoming election, voters may visit a location designated by their county elections official during the 14 days prior to, and including Election Day to conditionally register to vote and vote a provisional ballot, which are counted once county election officials have completed the voter registration verification process. The state refers to this process as Same Day Voter Registration.[17][18] Residency requirementsTo register to vote in California, you must be a resident of the state. State law does not specify a length of time for which you must have been a resident to be eligible. Verification of citizenshipCalifornia's constitution requires that voters be U.S. citizens. When registering to vote, proof of citizenship is not required. Individuals who become U.S. citizens less than 15 days before an election must bring proof of citizenship to their county elections office to register to vote in that election.[17] Verifying your registrationThe secretary of state's My Voter Status website allows residents to check their voter registration status online. Voter ID requirementsCalifornia does not require voters to present identification before casting a ballot in most cases . However, some voters may be asked to show a form of identification when voting if they are voting for the first time after registering to vote by mail and did not provide a driver license number, California identification number, or the last four digits of their social security number.[19][20] The following list of accepted ID was current as of August 2024. Click here for the California Secretary of State page to ensure you have the most current information.
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See also
External links
Footnotes
- ↑ 1.0 1.1 1.2 California Attorney General's Office, "Full text," accessed September 6, 2023
- ↑ 2.0 2.1 2.2 California Secretary of State's Office, "List of petitions," accessed May 12, 2023
- ↑ CNBC, "Making the grade in financial literacy: More states require students to take a personal finance course," December 5, 2023
- ↑ 4.0 4.1 Center for Financial Literacy, "2023 Report," accessed January 18, 2023
- ↑ 5.0 5.1 Californians for Financial Education, "Home," accessed January 17, 2024
- ↑ The 74, "Financial Literacy Is Great. Mandating It With a Ballot Initiative Is Not," May 20, 2024
- ↑ 7.0 7.1 7.2 7.3 California Secretary of State, "Initiatives and Referenda Cleared for Circulation," accessed October 20, 2021
- ↑ 8.0 8.1 8.2 8.3 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ 9.0 9.1 9.2 Cal-Access, "Californians for Financial Education," accessed January 17, 2023
- ↑ California Department of Education, "State Minimum High School Graduation Requirements," accessed January 18, 2024
- ↑ Next Gen Personal Finance, "About us," accessed April 12, 2024
- ↑ PR Newswire, "Californians for Financial Education Submit 900,000 Signatures to Qualify Personal Finance Initiative for November 2024 Ballot," March 12, 2024
- ↑ California Secretary of State, "Signature verification," May 8, 2024
- ↑ Gov. Gavin Newsom, "California to add financial literacy as a requirement to graduate high school," June 27, 2024
- ↑ California Secretary of State, "Section 3: Polling Place Hours," accessed August 12, 2024
- ↑ California Secretary of State, "Voter Registration," accessed August 13, 2024
- ↑ 17.0 17.1 California Secretary of State, "Registering to Vote," accessed August 13, 2024
- ↑ California Secretary of State, "Same Day Voter Registration (Conditional Voter Registration)," accessed August 13, 2024
- ↑ California Secretary of State, "What to Bring to Your Polling Place," accessed August 12, 2024
- ↑ BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS, "Section 20107," accessed August 12, 2024
